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RE: DataYes + Factom Announce Collaboration
can you provide some key factors about factom? I have no idea what is that, I just own a few hundreds but I don't know what to expect from Factom.
can you provide some key factors about factom? I have no idea what is that, I just own a few hundreds but I don't know what to expect from Factom.
To add to ph03n1xii's great explanation, this can be done with nearly any blockchain. However, considering large amounts of entries, Factom is a much more cost-efficient solution. The cost of making an entry is kept at about a tenth of a cent. Entries are made with a non-transferable token called Entry Credits, and Factoids are burned to create Entry Credits. Factoids can freely fluctuate in value while Entry Credits are held at that tenth of a cent. There are only about 8.75 million Factoids. There is no mining involved, Factom is anchored into other blockchains like Bitcoin, essentially piggybacking it's vast security. The protocol fully works, but it's still under development. The supply of factoids will not grow until development is complete.
how far Factom can go in terms of price?
Anything stated is pure speculation. With that said, consider the value of other blockchain projects, specifically their market caps (multiply token value by token supply). Ethereum has a billion dollar market cap, Steem and Litecoin each have about a $170 million market cap, MAID is at $40 million, DOGE is at $25 million, and FCT is at $20 million. I suggest comparing Factom with these other projects in terms of current usefulness, available supply, future potential, anticipated inflation, and competition. From there you may feel that FCT should have an equivalent market cap to DOGE, therefore the FCT price should be at $2.85 ($25 million divided by 8.75 million Factoids); alternatively you may feel FCT should have an equivalent cap to Steem, then the FCT price should be at $19.42 ($170 million divided by 8.75 million Factoids); or perhaps it's a billion dollar project, in which case the FCT price should be at $114.28. That's up to each investor to judge. Personally, I feel the near term valuation should be in the hundreds of millions.
In very short terms Factom is about recording hashes of data in time. A hash is like a unique fingerprint of a file. That doesn't seem big on first sight, but in fact it is. It's about:
...and a lot more. It's about organizing data and it's about big data, also providing data to smart contract-platforms for example. It needs some research to understand what they provide, which is also the reason why Factom is still underestimated in my opinion. A good place start to find out more are their videos on youtube:
https://www.youtube.com/channel/UCZlpFmzDKrSmTObhSPuhdSw/videos
But also on BCT are a lot of good informations and in the Ann you should find all to dig deeper: https://bitcointalk.org/index.php?topic=850070.0
Edit:
The best place to get an overview about the business-side (partnerships and more) is their blog: https://www.factom.com/blog/
How-to-guides for their software, which is all not too userfriendly yet: https://www.factom.com/howto/